In four previous meetings in the competition between the two sides, all happening in 2016, each team emerged victorious at home.
A lot has changed since then. The Bavarians won the continental treble last season, winning their first Champions League title in seven years, while the Rojiblancos haven't progressed beyond the quarter-finals in the competition since 2017.
The latest clash between Bayern Munich and Atletico Madrid promises to be a very interesting one as both teams feature a slew of attacking talent in their rosters
Ahead of the much-awaited game, let's delve into five key battles to watch out for.
#1 Joshua Kimmich (Bayern Munich) vs Koke (Atletico Madrid)
With both sides featuring attacking options aplenty, the game's outcome could be decided in midfield. One of these key duels would be the one between Koke and Joshua Kimmich, who are the two midfield orchestrators for their respective sides.
While Kimmich has evolved into a fine midfield personnel and possesses excellent ball-winning prowess, Koke excels in creating attacking opportunities and keeping his side ticking with incisive passes. The one who is able to operate with greater control and dominance could see their side on the front foot in the game.
#2 David Alaba (Bayern Munich) vs Luis Suarez (Atletico Madrid)
In his first Champions League game for Atletico Madrid, Luis Suarez will be hoping for a better result against the same opposition that humiliated Barcelona 8-2 in the quarter-finals last season.
The striker was on target on that ill-fated night but was a mere footnote in a historic and resounding win for the eventual champions. Revenge could be on Suarez's mind as El Pistolero will fancy scoring again against Bayern.
Standing in his way, however, will be the versatile David Alaba who has transformed into a stoic centre-back under Hansi Flick and has excellent positioning and leadership qualities.
Containing someone of Suarez's pedigree is a hard enough task, so Alaba's experience and big-game pedigree could be crucial in this enticing duel on Wednesday.